The Republican. [volume] (Oakland, Md.) 1877-current, 1887-10-22
The State of Trade.


tions noted last week, prices do not
advance. The Treasury added $685.
600, 900 to circulation in September,
has added about S4,000.000 since, and
the Baltimore and Ohio bargain has
been ratified, and the Reading reor-
ganization ensured. Yet prices of
stocks fell on Wednesday to an aver
age of S5S.77 per share, the lowest
since April and May, 1886, and, ex-
cepting a few weeks then, the lowest
for two years. Wheat has lost every
advance since September Goth corn
for fortnight past, and oats, for
month past. have occasionally risen
only to recede again cotton has de-
clined three-eights of cent during
the month and pork 81 per barrel.
Oil is higher, but the transactions are
insignificant. Coal is stronger because
of strike, but iron and steel are
lower. The elaborate statements of
exchanges, for the past year and a
quarter, only conceal the fact that Of
late exchanges have been falling be-
hind those of last year. first at New
York, and then at other chief cities
and New England manufacturing
towns.
In short, the theory that "more
money" ensures prosperity comes to
grief again. More than Sl07, 100000
have been added to circulation with
in the past fourteen months, but the
speculation thus stimulated has
wrought much harm already. and
clouded the future with doubt. While
great activity and expansion are wit
messed in some branches of business.
others exhibit symptoms of rection..
Steel rails are again lower; sales
were made last week for $34. Spring
delivery and some makers are urging.
general stoppage of works. Pig iron.
No. foundry, continues scarce, be-
cause of the Lehigh coal strike, but
lower quotations come for grey forge,
and also for bar iron. Encouraging;
statements of exports in September
show that of breadstutfs. cotton, pro!
visions, oil, and cattle, the value was
8 per cent. greater than in 1886 a
large decrease appears in wheat, but
a noteworthy increase in flour; of
cattle and pork exports decrease one.
half, and there is some loss in BUTTER,
cheese and oil, but gain of $685.
600 in exports of cotton. This months
exports from New York show gain
of q per cent, against an increase of
10 per cent. in exports.
Exchange has advanced this week..
because of large sales of stocks on for
eign account and the controlling ques-
ton in the money market now is
whether the passing of dividend by
the Baltimore q Ohio, and other
events, will so discourage foreign
holders of securities as to cause extern
sive selling. But S1.lO0.OOO more
gold arrived on Thursday.
Interior reports are uniformly
more favorable though tight money
and slow collections are still reported
from some points, the pressure is in
most cases less severe, and collections
rather better. In Texas, where the
cotton yield is said to be 10 per cent.
below last years failures are more,
numerous and many traders are ask
ing indulgence. But east of the Mis-
sissippi money is generally easier at
the South and partial failure of crops
is as yet hardly recognized as cause
of disturbance in the Northwest. If
the actual losses Of farmers are as
large as the October Bureau report
would indicate, however, some
shrinkage in the volume of business
must result. The dry goods trade,
though less active, has been fairly
satisfactory in volume, with prices
we'll maintained though print cloths
are a shade lower. The shrinkage
In wooden manufacture appears in re-
ported sales of wool at Boston, which
were q million pounds for three
months ending Oct, LIST, against So
million pounds for the same month
last year, but supplies on hand at the
beginning of the period may explain
part of the decrease. The boot and
shoe business is active and healthy,
and the leather market at last i'm
proves. In some localities at the
West, where real estate speculation
began early last fall, mortgages be-
gin to ripen. and prices are no longer
maintained, while bankers decline
loans on real estate security. But
the building of railroads, and new
towns and manufacturing centres.
continues.
Among the many excellent points